Bittrex cryptocurrency exchange to cease activity in 31 countries

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According to the official announcement of the Oct 18 cryptocurrency exchange platform, Bitttrex is pulling out its operations from thirty-one countries by the end of this month owing to uncertain regulatory reforms.

The international trading platform, operated by the Seattle-based digital assets exchange, has informed the clients from the affected nations that they can no longer avail of its services as the cryptocurrency exchange has decided to withdraw its support citing regulatory uncertainty and hostile environment as the prime reasons behind this move.

Cryptocurrency exchange Bittrex pulls out of the race in 31 countries

From Oct 29, Tuesday, Bittrex has announced that all trading and account access for users from impacted countries, which include Egypt, Afghanistan, Venezuela, Uganda, and Cambodia, among others, will be discontinued.

As a result, the users are requested to withdraw their coins and tokens holdings before the said date by logging on to their respective Bittrex International account, click on Holdings, look for the desired wallet and select the withdraw option.

The withdrawal request can only be placed if the value of holdings in three times greater than the exchange fee. To give an example, the BTC holdings can only be pulled out if they are equal to or greater than .00150001 as the fee amounts to .0005.

Bittrex on downsizing spree

Meanwhile, Bittrex’s decision to bow out mainly appears to be directed at developing and crisis-hit countries such as Venezuela and Zimbabwe, where users are primarily relying on cryptocurrencies as a way of life. Thus, the move is likely to dampen the spirits of enthusiastic cryptocurrency traders from these countries, who consider digital assets as a haven in times of crisis.

It is worth noting that the company has been on a downsizing spree ever since the US regulators have taken an unwelcoming stance towards crypto businesses. Earlier in April, the New York State Department of Financial Services demanded that the exchange cease its operations in the state after rejecting its license for a Bitlicense.

Furthermore, compliance issues and changing regulatory standards forced the company to delist a dozen tokens for its US-based traders in June. The exchange also blames the diminishing interests of the US traders amid anti-crypto stance.

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Written by Manasee Joshi

An avid reader and an enthusiastic writer, Manasee recently chose to dedicate her time doing freelance writing. A degree in English literature and experiences in Administration, HR, finance, literature, creativity and innovation tucked under her belt, she crafts engaging and compelling content for crypto and blockchain audience.